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MarketWatch MarketPulseAug 04, 2020
Spirit AeroSystems stock drops after wider-than-expected loss, as Boeing and Airbus deliveries sink
Shares of Spirit AeroSystems Holdings Inc. dropped 4.3% after the commercial and defense aircraft structures supplier, which receives the bulk of its revenue from Boeing Co. , reported a much wider-than-expected loss as revenue fell well below expectations, citing the "dual challenges" of the 737 MAX grounding and the COVID-19 pandemic. The company swung to a net loss of $256 million, or $2.46 a share, from net income of $168 million, or $1.61 a share, in the year-ago period. Excluding non-recurring items, the adjusted loss per share was $2.28, wider than the FactSet loss consensus of $1.25. Revenue sank 68% to $644.6 million, below the FactSet consensus of $830.2 million, as revenue of all three business segments declined more than forecast. Deliveries decreased to 159 shipsets during the quarter from 449 shipsets a year ago, including Boeing 737 MAX shipsets of 19 compared with 147 shipsets last year. For the third quarter, Spirit expects to record forward losses of $25 million to $35 million on Boeing's 787 program and losses of $13 million to $20 million on Airbus SE's A350 program. Spirit's stock has plunged 73.3% year to date through Monday, while Boeing shares have shed 50.2% and the Dow Jones Industrial Average has slipped 6.6%.

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